Cloud technologies continue to get significant amounts of investment from organisations in India and Europe, followed by spends on the Internet of Things (IoT). 64% of organizations in India and Europe invested in cloud technologies in the last two years, followed by 51% in Internet of Things, according to Tech Horizon: Leadership perspectives on technology and transformation, a multi-country and multi-industry EY report. 43% of organizations in India and Europe stated that artificial intelligence will get almost as much investment as cloud over the next two years.
EY’s study states that in two years’ time, 82% of organisations in India and Europe will be making good progress in their digital transformations or will have fully embedded it across the business. Also, important to note that 21% of Indian and European firms will be at the most advanced stage of transformation.
Monesh Dange, Partner & National Leader – Advisory Markets, EY India, says “With the COVID-19 pandemic, digital transformation programs become more important than ever. This is the ideal time for organizations to drive programs like digitizing customer interactions and supply chain, digitally enabling operating models & processes, and developing innovation capabilities, products and services. Such programs will not only help organizations overcome the crisis, but the ones that become digitally powered and connected during this crisis will be the winners coming out of it.”
The EY Tech Horizon report surveyed 500 large corporations and 70 startups in nine sectors during the year 2019: consumer products and retail; education; energy; financial services; health and life sciences; hospitality; industrial; technology, media and entertainment and telecoms; and transportation and logistics. The goal of the survey was to determine where organizations are on their transformation journey and how they use technology to enable it.
In the survey, organisations identified as leaders are advanced on their journey toward transformation, are generating significant financial value from technology innovations and are making efforts to build a transformative culture. Those identified as lagging behind in transformation are not advanced on their digital journeys, are not bringing tech innovations to market and are not trying hard to build a transformative culture.
